HTSC·2025-10-26 06:38Investment Rating - The report maintains a "Buy" rating for multiple companies in the energy and power equipment sector, including Ningde Times, Pinggao Electric, Guoneng Rixin, Sany Renewable Energy, and others [4][7][8]. Core Insights - The report emphasizes the importance of a comprehensive green transition in China's economy, driven by goals of carbon peak and carbon neutrality, with a focus on developing a new energy system [1][2]. - The dual control of carbon emissions is expected to expand the demand for green electricity, with policies promoting both carbon market management and mandatory green electricity consumption [2][3]. - The energy sector's green and low-carbon transformation is identified as a critical area for achieving overall green transition goals, with a significant portion of new electricity demand expected to be met by clean energy sources by the end of the 14th Five-Year Plan [3]. Summary by Sections Section 1: Industry Overview - The report highlights the acceleration of green transformation in the economy, with key measures including the establishment of a dual control system for carbon emissions and the promotion of green energy transition [1][2]. Section 2: Company Recommendations - Ningde Times (300750 CH): Target price raised to 566.18 CNY, with a strong outlook on electric vehicle and energy storage markets [9][10]. - Pinggao Electric (600312 CH): Target price set at 22.80 CNY, benefiting from strong domestic bidding for power transmission and transformation equipment [11]. - Guoneng Rixin (301162 CH): Target price of 73.54 CNY, with significant growth in service stations and customer retention [12]. - Sany Renewable Energy (688349 CH): Target price increased to 38.01 CNY, with expectations of improved profitability in wind turbine sales [14]. - Siyuan Electric (002028 CH): Target price raised to 147.90 CNY, driven by strong growth in overseas orders and data center demand [14]. - Sungrow Power Supply (300274 CH): Target price set at 195.40 CNY, with a focus on energy storage and international expansion [14]. - Oriental Electronics (000682 CH): Target price of 13.86 CNY, with steady growth in core business and new energy projects [14]. - China Western Power (601179 CH): Target price set at 8.25 CNY, with a stable growth outlook in power transmission equipment [14]. - Guodian NARI Technology (600406 CH): Target price of 26.00 CNY, benefiting from new power system construction [14].